Three Trustees Re-Elected as South Central Power Company Conducts Virtual Business Meeting
August 21, 2020
Results of the Board of Trustees election were announced at South Central Power Company’s first-ever virtual business meeting, held August 20 at the co-op’s headquarters and livestreamed on the cooperative’s website and social media channels. Re-elected to three-year terms were Thomas Lamb of Circleville, Franklin Lucas of Greenfield, and Stephen Johnson of Beallsville. Voting was conducted online and by U.S. mail.
In his report to the members, Treasurer James Evans said the co-op had a strong year in 2019, and as a result, was able to refund roughly $10 million in capital credits to members and former members of the cooperative. As a not-for-profit electric cooperative, South Central Power regularly returns funds to members that are collected over and above the cost of doing business. Evans also pointed to member equity as a strong point for the cooperative. “At the end of 2019, the members’ equity was $310 million, or in other words, 53 percent of the assets were funded by you, the member, using our equity. That is a very strong financial position.”
President and CEO Rick Lemonds provided a business update, touching on the cooperative’s response to the pandemic in 2020, and thanking members for providing the cooperative with its highest-ever member satisfaction ranking. “We were really gratified to see that member satisfaction remains strong, despite everything that’s occurred this year. Based on surveys from this past spring, it’s the highest it’s ever been,” Lemonds said.
Board Chairman Ken Davis spoke on steps taken by the board of trustees so far in 2020 to help members recover financially from the impact of coronavirus, noting a postponed planned rate adjustment, the suspension of disconnects for nonpayment and late fees, and more. “Our cooperative exists for one reason – and that’s to serve you. 2020 has been a difficult year. But we are here for you. On behalf of your board of trustees, thank you for allowing us to serve you.”
Davis also provided an update on behalf of the South Central Power Company Foundation board. The 11-member Foundation board, which is separate from the cooperative’s board of trustees, awards grants and scholarships through Operation Round Up. The program rounds up participating members’ electric bill to the next dollar. Last year, the Foundation awarded nearly $590,000 in grants, and so far this year, the Foundation has provided funding to a number of pandemic response projects in communities across Ohio such as food banks and senior meal delivery programs.